Why Is It Difficult to Compare IFRS15/ASC606, Revenue, to U

question 10

Multiple Choice

Why is it difficult to compare IFRS15/ASC606, Revenue, to U.S. GAAP?

• A) The IASB definition of revenue is very complicated, whereas the definition of revenue under U.S. GAAP is straightforward.
• B) Revenue is not defined under U.S. GAAP.
• C) There is no single standard in U.S. GAAP that deals solely with revenue.
• D) Under U.S. GAAP, revenue is defined in terms of cash, whereas IAS 18 defines revenue in terms of a variety of resources.

---

Definitions:

Saliva

A watery fluid secreted into the mouth by glands, facilitating chewing, swallowing, and digestion, and maintaining oral health.

Transgendered

Relating to people whose gender identity or expression doesn't match the sex assigned to them at birth.

Transsexual

An individual whose gender identity differs from the sex they were assigned at birth, often pursuing medical interventions to align their physical appearance with their gender identity.

Secondary Sex Characteristics

Physical features that emerge during puberty, distinguishing males and females, not directly involved in reproduction.